Solana nears $85: Loses 6th position in the market

Solana price analysis for May 4, 2022, comes on a bearish note for SOL as the token has seen a price drop of more than 2% in the last 24 hours. Moreover, the chances of the token breaking the $90 price region seem quite low in the short term as bulls seem to have departed from the crypto market. Furthermore, we also noted in our SOL price analysis for May 3, 2022, that the token has major resistance at the $90 price region which was a previous level of support. It is also important to note that the token has lost the 6th position in the crypto market once again.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 19.23% in the last 24 hours, followed by a 2.38% drop in the market cap. The Market Dominance of the Solana token dropped to 1.68%, while the Volume / Market Cap Ratio stands at 0.03451.

The daily candle for Solana was initiated at a price of $87.49 and reached a daily high of $88.81. Furthermore, the daily low for SOL was seen at $86.72, while the price of 1 SOL at the time of writing was $88.44. 

Solana price analysis from the daily chart for May 4

Solana price analysis for May 4, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it. 

Source: TradingView

The RSI indicator reads a value below 37 which means that the chances of Solana remaining bearish seem high and the gradient of the line suggests lower prices will follow.

The MACD indicator shows that the MACD line is below the signal line which confirms that conditions are bearish as the MACD histogram is also filled with red bars.

The price action for Solana is situated in the lower end of the Bollinger Bands which confirms that a bearish breakout might follow in the near future.

Conclusion

Solana price analysis for May 4, 2022, ends on a bearish note for the token with low chances of breaking $90 in the coming days.